Social Security

F3d · 03-10-2009, 09:04 PM

Anybody want to privatize SS now?

James B · 03-10-2009, 09:21 PM

Not me. I would hate to bet on the future with what we have done in the past. I know a lot of folks who have nothing left except SS. Their life savings were sucked up by crooks. At least until the Government goes belly up, they have that.

Private accounts would absolutely have to be guaranteed. I don't know as we could trust the federal government for that or not. I guess if we can trust them with SS, then maybe we could trust them on accounts.

etothepii · 03-11-2009, 02:36 AM

It's working so beautifully now, right? Why change it? How much money is in the SS program now? That's right, zero dollars. When the stock market drops 30%, we lose 30%. When greedy politicians get their hands on your social security withholding each pay period, we lose 100% of it.

stealthycat II · 03-11-2009, 03:07 AM

ABSOLUTELY

I'll take care of my money, the GOVT can stay the **** out of it

sachiko · 03-11-2009, 03:17 AM

I'm pretty sure the only serious change you will see in Social Security is that it will become needs based. It's pretty obvious that there won't be enough money coming in to keep paying benefits to people who don't "need" the money.

May The Sheep Be With You

Fieldmouse · 03-11-2009, 03:26 AM

Absolutely. The current crisis would have had positive effect on the SS system. First, no one would have been affected because current retirees would still be covered by the failing SS system. The future retirees would have seen the positive effect. The plan that was proposed (I think it was incorrect to limit choice) was to only allow for investment of private funds intoindividual bond accounts. Those bonds have increased in interest since the stock market has fallen. However, if it was up to me,I would allow any mutual fund investments. Sure, I've lost 30% since the drop but today I'm buying at 30% discount as well. It will all come back. I will see a 10% average returnor better on my mutual fund investments which is a far cry from the 1% return from SS is if I'm lucky tolive that long. If I don't live long enogh to see my mutual fund return, my kids and grandkids will.